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Quiz 11

admin 2019.05.13 21:04 Views : 7817

1 of 25 - In a graduated payment mortgage the interest owed and not paid in the initial months is added back to the principal causing what is referred to as
indemnification.
recompensation.
 
graduated subsidy.
 
negative amortization.
You answered incorrectly
The interest owed and not paid in the initial months is added back to the principal causing what is referred to as a negative amortization.
2 of 25 - Which of these regulates how borrowers apply for credit and how lenders evaluate income and grant credit?
The Federal Trade Commission
 
The Equal Credit Opportunity Act
The Department of Housing and Urban Development
The Department of Fair Housing
You answered correctly
3 of 25 - What type of mortgage loan covers more than one piece of property?
A bridge loan
 
A blanket loan
An open-end loan
A multiple property loan
You answered correctly
4 of 25 - What Act requires each of three nationwide credit reporting companies to give consumers a free copy of their credit report, at their request, once every 12 months?
The Credit Reporting Act
The Home Mortgage Disclosure Act
 
The Fair Credit Reporting Act
The Mortgage Choice Act
You answered correctly
5 of 25 - What was passed by Congress in 1977 to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low-and moderate-income neighborhoods?
The Economic Recovery Act
 
The Equal Opportunity Act
The Tax Relief Act
 
The Community Reinvestment Act
You answered incorrectly
The Community Reinvestment Act was passed by Congress in 1977 to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods.
6 of 25 - The primary method of foreclosure in California is the
strict foreclosure.
judicial foreclosure.
voluntary foreclosure.
 
non-judicial foreclosure.
You answered correctly
7 of 25 - What type of clause requires a borrower to pay a penalty or late charge for any payments that are considered to be late?
A graduated payment clause
 
A late payment penalty clause
A lender clause
A lender clause
You answered correctly
8 of 25 - In most cases a borrower has a right to cancel a transaction by notifying the lender within
10 days.
5 days.
 
3 days.
15 days.
You answered correctly
9 of 25 - What covenant in a deed of trust document states that if the borrower violates any of the covenants of the contract, the beneficiary may call for payment of the loan in full and the trustee may sell the property after he or she has filed all the proper notices?
Reconveyance
 
Acceleration
Assignment of rents
Expenditures
You answered correctly
10 of 25 - What describes an interest-only note, whereby the borrower agrees to pay the interest periodically and to pay the entire principal when the note comes due?
An installment note
A periodic note
A rate note
 
A straight note
You answered correctly
11 of 25 - What authorizes an official, such as the county sheriff, to seize and sell a foreclosed property?
A right of redemption
A right to sell
 
A writ of execution
A power of sale
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12 of 25 - What type of mortgage loan is the most common and generally viewed as the most secure?
An FHA loan
 
A conventional mortgage
A government backed loan
A rural housing loan
You answered correctly
13 of 25 - What conveys title rights in a property over to an assigned trustee?
A right of assignment
A subordination clause
 
A deed of trust
A release of deed
You answered correctly
14 of 25 - Within how many days of a loan application must a loan estimate be delivered?
30
10
 
3
15
You answered correctly
15 of 25 - What describes a legal procedure in which the property that is used as security for a debt is sold to satisfy the debt in the event of a default?
An eviction
A seisen
A repossession
 
A foreclosure
You answered correctly
16 of 25 - What involves the transfer of an interest in land as security for a loan or other obligation?
 
A deed
 
A mortgage
A transaction
A lease
You answered incorrectly
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions.
17 of 25 - What refers to all calendar days except Sundays and holidays specified in 5 U.S.C. 6103 or the observed legal holiday?
A weekday
 
A business day
A nautical day
A bank day
You answered correctly
18 of 25 - What describes the right of a mortgagor who has defaulted on a note to redeem or get back the title to the property by paying off the entire mortgage note before the foreclosure sale?
 
The right of redemption
The right of rescission
The right of action
The right of payment
You answered correctly
19 of 25 - What type of mortgage loan allows a borrower who has an existing loan to get another loan from a second lender without paying off the first loan?
 
A wraparound mortgage
A swing loan
A bridge loan
A construction mortgage
You answered correctly
20 of 25 - What clause in a standard mortgage states that if the borrower repays the debt when due, the words "of grant" are void, the mortgage is canceled, and the title is given back to the borrower?
An acceleration clause
A seisen clause
 
A defeasance clause
 
A granting clause
You answered incorrectly
A defeasance clause states that if the borrower repays the debt when due, the words “of grant” are void, the mortgage is canceled, and the title is given back to the borrower.
21 of 25 - What clause, in a non-judicial foreclosure, enables a mortgagee to order a public sale without a court decree?
 
A due-on-sale clause
 
A "power of sale" clause
A subordination clause
A release clause
You answered incorrectly
With a non-judicial type of foreclosure, a power of sale clause allows the mortgagee to order a public sale without a court decree.
22 of 25 - What type of prepayment clause prohibits the borrower from paying the mortgage loan in full before a specific date?
A lienholder clause
A lender clause
 
A due-on-sale clause
 
A lock-in clause
You answered incorrectly
A lock-In clause actually prohibits the borrower from paying the mortgage loan in full before a specific date.
23 of 25 - What transfers legal title to a lienholder and something a defaulting borrower may use to avoid court actions and costs by voluntarily deeding the property to the mortgagee?
Voluntary assignment
A strict foreclosure
 
Deed in lieu of foreclosure
Conveyance
You answered correctly
24 of 25 - What term describes a measure of economic conditions?
Margin
Rate
 
Index
Deficit
You answered correctly
25 of 25 - Once a mortgagor has paid off a mortgage in full, what will the lender execute and record indicating that the loan terms have been met?
An acknowledgement document
 
A mortgage release document
An attachment of note
An assignment clause
You answered correctly

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